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LLP Incorporation

LLP registration offers numerous benefits and is an ideal choice for individuals looking to combine their knowledge and expertise.

At Certifications Bay, we provide top-notch assistance for LLP registration to our clients.

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How much it cost to Register Business in India?

The cost of establishing a business in the India varies significantly, depending on a range of factors, such as:

  • Type of business
  • Location
  • Specific licensing requirements

Offering all-inclusive business setup services in India, we understand these complexities and offers a comprehensive cost calculator. This tool provides a transparent estimation of all expenses involved in setting up your business in India. With CertificationsBay’s cost calculator, you can strategically plan your investment, making the journey toward business establishment more transparent and manageable.

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LLP Registration

 

LLP registration is a process of registering a Limited Liability Partnership firm in India under the Limited Liability Partnership Act 2008. An LLP is a hybrid business entity that combines the features of a corporation and partnership firm, where partners have limited liabilities depending on the jurisdiction.

Unlike a limited partnership, an LLP’s partners are liable to pay the debt of the company only to the extent of their capital contribution.

Therefore, LLP registration online involves fulfilling certain obligations to establish an LLP company with limited liability for its partners.

Is it possible for a foreigner to incorporate an LLP?

 

As per the LLP Act 2008, foreign nationals, including foreign companies, can incorporate an LLP in India. However, at least one partner should be a resident of India.

Advantages of LLP Incorporation

  • LLP provides flexibility without imposing extensive legal and procedural requirements.
  • The bankruptcy, death, or departure of a partner does not affect the existence of the LLP company.
  • LLP allows for flexible transfer of ownership without procedural delays.
  • LLPs with a capital below 25 lakhs and annual turnover below 40 lakhs are not required to maintain formal audits.
  • LLP is organized and managed based on the agreement among its partners.
  • LLP partners provide professional or technical expertise to the company.
  • As a juristic person, LLP has the authority to own and acquire property.

Features of a LLP

  • To establish a LLP, a minimum of two members are required, and there is no restriction on the maximum number of members
  • As a separate legal entity, LLP has the rights and privileges similar to those of a natural person. This includes the ability to own property, sue and be sued, and enter into contracts.
  • In an LLP, no partner is personally liable for the unauthorized or independent actions of other partners.
  • An LLP can continue to operate even after a change in its partners.
  • There is no minimum amount requirement for incorporating a LLP.
  • The mutual rights and duties of partners in a LLP are governed by the agreement between partners or the agreement between partners and the LLP.
 

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Requirements of LLP Incorporation

  • For LLP incorporation, a minimum of 2 partners are required, and there is no restriction on the maximum number of partners that can be included in the LLP.
  • Each partner in an LLP is required to agree to contribute towards the capital requirements of the LLP.
  • For Foreign Nationals and Non-Resident Indians (NRIs) looking to incorporate an LLP in India, at least one designated partner must be a resident of India.
  • There is no minimum or maximum limit on the amount of capital that can be contributed by partners for LLP incorporation.
  • Each partner in an LLP is required to obtain a Designated Partner Identification Number (DPIN).
  • All designated partners of an LLP are required to obtain a Digital Signature Certificate (DSC) to sign and file the necessary documents during the LLP registration process.
  • you need to provide a valid address proof for the registered office of the LLP, whether it is a rented or owned premises.

Documents Required For LLP Registration

  • A copy of identity proof such as Voter’s ID card, Driving license, etc.
  • To establish the address proof of the business, a photocopy of the rental agreement is required in case the business is operating from a rented place.
  • To establish an LLP at a rented place, you must provide a No-Objection Certificate (NOC) from the property owner.
  • If you are the owner of the property where the LLP will be established, you are required to provide a copy of the sale deed or property deed.
  • A photocopy of the electricity bill, telephone bill, or latest bank statement, which should not be older than 2 months.
  • Foreign nationals and NRIs are required to provide a photocopy of their PAN card and passport for LLP registration.

LLP Incorporation Process

  • Step 1
    To initiate the process of registering an LLP, it is necessary to obtain a Digital Signature Certificate (DSC) and a Designated Partner Identification Number (DPIN).
  • Step 2
    An application in Form 1 needs to be filled to propose and obtain approval for the desired name of the LLP.
  • Step 3
    After selecting a name that is appropriate and meets all the standards, the next step is to fill out the incorporation Form 2. This includes providing all the required information and attaching the necessary documents.
  • Step 4
    Finally, the LLP will receive a certificate of incorporation upon fulfilling all the necessary requirements.

Our Team will help you prepare the required documents. Documents requirements varies depending on business model. Contact our team for guidance.

FAQs on LLP Incorporation in India:

What is the differences between LLP and a private limited company?

LLP has no clear distinction between ownership and management, while ownership in a private limited company is based on shareholding.

Is it possible for an individual to establish an LLP?

An individual cannot form an LLP alone as it requires a minimum of two members to start an LLP firm.

Is it mandatory to register an LLP?

Yes, registering an LLP is mandatory.

Is it necessary for an LLP to undergo an audit?

LLPs are required to get their accounts audited as per Rule 24 of LLP Rules 2009.

Who owns or controls an LLP?

The ownership and control of an LLP are vested in its partners.

Does an LLP need to file an annual return?

LLPs are required to file their annual return in Form 11 with the Registrar of Companies (ROC) within 60 days of the close of the financial year.

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